Forex trading is a very big thing in Cyprus. Compared to other countries that allow forex trading, Cyprus offers more possibilities for traders because of the less stringent requirements, giving them more freedom in trading activities. Cyprus is also very conducive to brokers that are just starting out because the regulatory guidelines are simple and easy to abide by.
There are currently more than 70 forex brokers that are regulated by CySEC, the local forex regulatory body in Cyprus. Since CySEC is a top-tier regulatory body, these brokers included in their authorized list are considered to be more highly recommended to trade with, and come with a lower risk than unregulated brokers.
In This Guide
FCA, IIROC, JFSA, NFA, CIMA, FSA, ASIC, CFTC
Min $100 Deposit
FCA, ASIC, CIMA, SIBL
Min $200 Deposit
Min $100 Deposit
ASIC, IFSC, DFSA, CySEC
Min $5 Deposit
With the vast number of forex brokers in Cyprus, it can be confusing to determine which one to choose to invest with. To make your decision easier, we present to you the 5 best forex brokers in Cyprus today.
Based in Limassol, Cyprus, FXTM is definitely regulated by CySEC. It is also governed by the regulations of the United Kingdom’s Financial Conduct Authority or FCA and other top-tier regulators. Some of the advantages that make FXTM better than most competitors are their competitive spreads, 6 accounts types and broad range of tradable instruments.
FXTM also has feature-rich but easy to use trading platforms. They do not have a proprietary platform but their MT4 and MT5 come with comprehensive tools and advanced features that even the most experienced trader would appreciate. Their minimum deposit is only $50 and they have low trading and forex fees, but they do charge minimal withdrawal and inactivity fees.
Many would agree that eToro is one of the top forex brokers in Cyprus, as you can easily see from the 20 million traders that use this broker to facilitate their trades. Other than CySEC, eToro is also regulated by other tier-1 regulatory bodies FCA of the UK, ASIC of Australia, and the MiFID of the EU.
As the pioneer of social trading, eToro has one of the best social trading platforms today. They also have very competitive fees and their minimum deposit is only $50.
More than 300,000 traders use AvaTrade as their broker because it has proven to be one of the most trustworthy and reliable brokers for forex trading. AvaTrade has a vast array of trading platforms to choose from, including their own AvaTradeGo and AvaOptions. They also have a copy trading platform called DupliTrade.
This broker has a long list of regulators including top-tier agencies CySEC, ASIC of Australia, FCA of the United Kingdom, FSCA of South Africa and JFSA of Japan. Their minimum deposit requirement is $100 and they have fixed spreads that are among the best in the industry. AvaTrade also offers a 40% sign up bonus for new members.
This is the first broker in our list that has no minimum deposit requirement. They offer 5 different account types that you can open, including an Islamic account. They offer variable spreads on foreign currencies that are very competitive. XTB allows scalping and hedging, and they offer negative balance protection as well.
XTB has their own trading platform called xStation 5, which is very easy to use and has excellent tools and features, as well as generates a clear fee report. Transferring funds is very easy with XTB as they accept bank transfers, credit card, PayPal and other online wallets. Aside from CySEC, XTB is regulated by 7 other regulators, including tier-1 FCA of the UK.
If you are new to the world of forex trading and would like to maximize your chances of success, then Plus500 is the broker that you should sign up with. Their web-based trading platform has a very easy layout and simple features that are just perfect for a new trader. However, with the limited advanced features, it is not necessarily the best choice for veterans.
Plus500 is very low-risk because it has 4 tier-1 regulations – CySEC, FCA, ASIC and the Monetary Authority of Singapore or MAS. They have more than 70 forex pairs to trade and a demo account that you can use to try your trading skills without having to spend anything. The minimum deposit at Plus500 is $100 and their spread offering is right at the industry average.
You are very lucky if you are in Cyprus and wish to become a forex trader as there is no more favorable place to be. The forex brokers in Cyprus that are listed above will definitely be able to help you experience success as a forex broker so make sure you choose wisely. Before forex brokers can accept Cyprus based cleints, they must become liecenced by the Cyprus Securities and Exchange Commission (CySEC) financial regulatory body. We recommend Cypriot traders to follow the CySEC twitter page, @CySEC_official to stay updated. Also check out the Cyprus Securities and Exchange Commission webpage on Wikipedia.
Forex trading in Cyprus is perfectly legal. In fact, not only is it legal but it is also a very active industry and there are dozens of brokers authorized to operate in the country.
Forex trading in Cyprus is regulated by the Cyprus Securities and Exchange Commission or CySEC. It was established in 2001 to supervise the Cyprus Stock Exchange operation, as well as its brokers, among a few other financial entities.
Cyprus officially became an EU member in 2004. This means that the EU’s MiFID or Markets in Financial Instrument Directive does have jurisdiction over forex brokers in Cyprus. CySEC does abide by all the guidelines of MiFID.
As of the moment, there are a handful of unregulated brokers operating in the island but local authorities have recently intensified their efforts in curbing the illegal practice of operating without due regulation.
Yes, forex traders need to file taxes once their profits reach the level that is taxable. You have to make sure to pay all your taxes annually in order to avoid sanctions.